Garland Home Values Match 2013 High as Inventory Hits Nine-Month Low

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Prudential Texas reports the Garland housing market in Texas is enjoying high home values coupled with low inventory, making it one of the more attractive real estate markets in the Dallas - Fort Worth metro area.

Equal Housing Opportunity

Equal Housing Opportunity

North Texas home buyers are beginning to realize that not only is Garland becoming a world-class city in its own right, but it offers some of the most financially sound real estate investment opportunities in the entire D-FW area.

October has historically been a rebound month nationwide after the real estate market shakes off the sleepy month of September, and the Garland property market has been no exception in 2013 as home values have flourished through the beginning of autumn. Prudential Texas Properties reports that November 11 data from California-based real estate analytics tracker Altos Research saw the median list price for Garland homes at $145,000, which was up from the roughly $135,000 this metric plateaued at for the majority of September. In fact, half of that recent $10,000 median list price gain came solely through the first few weeks of November, with Altos’ most recent value for the area matching the all-time high for the three years of data the company has on Garland.

So why are Garland home values shooting up so favorably for sellers at this time of year? That question could have a myriad of answers, but one of the most likely factors as seen in the Altos report could be the downward shifting number of Garland homes for sale—a trend that typically enhances buyer competition and thus enables sellers to find market leverage. To put things into perspective, the 371 Garland properties on the market as of Altos’ November 11 data was the smallest number the area had seen since February, representing a nine-month inventory low. And this doesn’t appear to just be a local phenomenon, as national reports have also indicated such market movement in the early autumn.

Click here for a 60-second Garland home market update.

A recent Forbes report citing National Association of Realtors® (NAR) data saw home values nationwide in October of 2013 up 12.8 percent over October of 2012 while home inventory rates were down 1.8 percent over the course of October 2013. While both of these trends play into the hands of sellers and would be considered a seller boon in most markets, the Garland market has gone above and beyond these stats over the past month-plus. The $145,000 median value on Garland homes as of mid-November is up from $125,000 at this time last year, representing a jump of about 16 percent year-over-year. Furthermore, Garland had about 30 more properties on the market at the beginning of October than the current mark of 371, signifying about a 9 percent decrease in local home inventory.

As DD Flynn, VP of Marketing with Prudential Texas Properties says: “Garland’s stock is on the rise as Dallas-area professionals priced out of that market look for a desirable area within commuting reach to North Texas’ largest city, what with Garland being less than half an hour outside Dallas. But what local home buyers are beginning to realize is that not only is Garland becoming a world-class city in its own right, but it offers some of the most financially sound real estate investment opportunities in the entire D-FW area.”

And Flynn’s claims ring true. With Altos reporting the median Dallas home list price at $320,000 as of November 11, that represents a $175,000 difference between the median Garland home value and the median Dallas home value. And with Garland home values so low, there is only ample opportunity for upward growth in the future as the D-FW-area market continues to be seen as one of the hottest in the nation. “We expect a very bright future for Garland real estate,” adds Flynn.

©2013 BRER Affiliates LLC. An independently owned and operated broker member of BRER Affiliates, LLC. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Prudential Texas Properties is an independently owned and operated member of BRER Affiliates LLC. Equal housing opportunity.

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Kyle Fitzsimmons
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